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Financial Goal Setting For The Home Business Entrepreneur
Author : Lars Vester
What motivated you to start your home business? For one person in a hundred it will be that the right opportunity and set of circumstances coincided. For the rest of us the main motivation was money.
The problem in being motivated by the need for money is that we tend to see the business as a chore. By this I mean you want better earnings but you have to do certain things to get there.
So here is the very first thing you need to do whether you are just starting out, whether you have been at it a while and you are needing to re-coup or whether you are thinking of joining a MLM or some other home based business:
Get your financial target sorted.
A good financial target will satisfy these three criteria:
1 Basic amount.
Choose a basic quantum as your goal. What is the minimum amount that will make your life easier? Only think of the fundamentals. If you have a steady job say, your first target would not be to entirely replace this. If you used to have a business that was successful do not use this as a benchmark either. You want to choose an amount which you think is both humble and helpful.
I have found from talking to people in the work from home industry that a modest £300-£500 is all that is required to make a significant change; to pay the rent, get the car or whatever. These are reasonable first goals, and if you can achieve this amount then surely you can double it and tipple it by doing more of the same thing!
2 Short time frame.
Your target must include a time scale otherwise it is meaningless. And in order to be useful in creating your success it need to be a fairly close horizon, but far away enough to give your opportunity a good run in. Remember time is measured in years and months. Anything under six months is really not long enough to form habits, and if you can not hit your target in 3 years you probably have chosen the wrong business.
3 Celebratory.
Is this an English word? Anyhow you know what I mean, the amount should be a milestone which you can celebrate. What I think is particularly apt is to use the £400 (say) on the first month you make it to take your family out for a meal! The second side to celebratory: you know when you start a business, especially if it is MLM, you get all the sceptics asking how much you make? When you hit your financial target you will no longer find this question awkward.
Author's Resource Box
About the Author (text)
Roberta Lazi B.Sc.(Eng), M.Sc.(Eng) MBA left the corporate world in 2000 to concentrate on lone parent family commitments. Roberta is now self taught expert home business entrepreneur. To find out how you can help yourself visit http://asikhatali.bravehost.com/index.htmldental insurance billing
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Tags: self help
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Submitted : 2008-06-11 Word Count : 511 Popularity: 23